Tom McFeely’s former home on Ailesbury Road goes on the market

NAMA hasn’t lost any time after the High Court today rejected developer Tom McFeely’s bid to reverse the repossession of his former home at 2 Ailesbury Road – this evening the 5,000 sq ft property on one of Dublin’s best streets is offered for sale by Colliers International with an asking price of €3m. The property had been repossessed by NAMA in August 2012 after a protracted battle including last minute bids by Tom McFeely’s wife, Nina Kessler and son to argue for a delay to the repossession to allow their teenaged son to complete his secondary school education and Leaving Certificate in 2013.

The property was understood to be subject to a €10m mortgage so, on that basis and even if €10m represented a 100% mortgage at the peak, the asking price represents a 70% discount, and the property might accordingly be described as being priced to sell.

The 5,100 sq ft semi-detached property is set over three storeys and is said to require “some refitting and modernization”. The advertisement on MyHome.ie for the property is here.

The 250-odd residents in Priory Hall, the development in Donaghmede, north Dublin remain in Limbo after being forcibly evacuated from their unsafe homes in October 2011.

UPDATE: The Irish Times is reporting that the property has now been sold for €2.5m to an unnamed Irish couple who plan to relocate from the UK. The sale has not yet been registered on the Property Price Register. The Irish Times reports that another €1m will be needed to restore the property to what it calls “proper residential use” which is a curious characterisation – was it not in “proper residential use” before? After all, a family including their teenaged son wanted to remain in the property for another year.